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Jafza Said to Seek $1.85 Billion From Sukuk Sale, Bank

Jebel Ali Free Zone FZE, a business park operator in Dubai, plans to raise a combined $1.85 billion from a bank facility and the sale of Islamic bonds to help refinance its 7.5 billion-dirham ($2 billion) debt maturing in November, according to three people familiar with the matter.

The company, controlled by Dubai’s government, plans to raise $1.2 billion from a bank facility and $650 million from sukuk sale, said the people, who declined to be identified because the matter is private. It may also use $190 million from internally generated cash to refinance the debt, they said. The planned Islamic bonds may mature in 2019, said two other people.